EURUSD continued its drop further and printed an intraday low around 1.0900 during the New York session on Thursday. The single currency pair is seen to be trading close to 1.0930 as intraday resistance looms close to the 1.0960-75 area. The bears are looking poised to be back in control soon and drag the price lower towards 1.0830 at least in the near term.
EURUSD has potentially completed its larger-degree upswing which had begun from the 0.9535 lows in September 2022. The entire rally is expected to be retraced towards 1.0500 and down to 1.0100 in the next several weeks. The process might have begun from the 1.1095 highs and a break below 1.0800 will add further confidence.
EURUSD rallied through 1.1006, hit resistance as expected, and reversed sharply lower thereafter. The near-term target potential is towards 1.0870 and 1.0800 before we can expect a meaningful pullback rally. The bears remain poised to target 1.0500 in the next few weeks to complete the first corrective wave.
Trading idea:A potential bearish wave against 1.1200
Good luck!